Robinhood opens UK brokerage services in first international expansion

Today marked the motorboat of Robinhood‘s antecedently announced brokerage services successful the UK. The motorboat represents Robinhood’s archetypal enlargement beyond the U.S.

In its announcement, the institution said UK customers volition person entree to implicit 6,000 U.S.-listed stocks and American Depository Receipts (ADRs) astatine launch. Features volition see commission-free trading, high-yield involvement connected uninvested cash, extended marketplace hours, and fee-free currency conversion betwixt GBP and USD.

Robinhood aims to spark higher retail concern internationally arsenic it did successful the U.S. aft pioneering its zero-commission, no-minimum-balance brokerage exemplary successful 2013. The institution claims this innovation has, to date, saved its users billions successful fees and helped boost U.S. household equity ownership by 27% betwixt 2013-2022.

The planetary propulsion comes adjacent arsenic Robinhood’s gross has precocious declined. In Q3 2023, transaction-based gross fell 55% year-over-year, perchance owed successful portion to crypto carnivore marketplace conditions.

Robinhood’s position

In summation to the UK brokerage, Robinhood has revealed ambitions to connection cryptocurrency trading successful the EU pending regulatory approval. The institution presently holds implicit $3 cardinal worthy of Bitcoin to custody idiosyncratic crypto balances successful acold storage. Research shows Robinhood besides owns the 5th largest Ethereum wallet, with implicit $2.5 cardinal successful holdings.

Cryptocurrencies made up 12% of Robinhood’s transaction gross successful Q3 2023, down from 24% successful Q3 2022. However, crypto speech enlargement inactive features prominently successful management’s maturation forecasts arsenic lawsuit balances proceed rising contempt marketplace volatility.

Robinhood besides faces macroeconomic challenges that whitethorn interaction its planetary ambitions, including precocious inflation, rising involvement rates, and tightening disposable income.

Meanwhile, aboriginal Robinhood capitalist Alphabet Inc. liquidated the past of the 612,214 Robinhood shares it antecedently held arsenic of August. The tech elephantine began incrementally reducing its involvement arsenic Robinhood’s falling transaction volumes posed headwinds.

The way guardant remains analyzable arsenic Robinhood navigates first-time enlargement into the UK and different targeted markets against this economical backdrop.

The station Robinhood opens UK brokerage services successful archetypal planetary expansion appeared archetypal connected CryptoSlate.